Tesla cuts prices on solar power systems as it looks to entice customers

Tesla has reduced prices on its solar power systems as it looks to make sustainable energy use more affordable.

“As a result of the vertical integration of our solar products into Tesla’s retail stores and the increased efficiencies we’ve realized over the past year by closing more expensive sales channels like door-to-door sales, we are now able to reduce prices for our solar power systems,” a Tesla spokesperson told CNBC in a statement Friday.

This pricing change would help Tesla’s average customer make savings of between $3,000 and $4,000, the spokesperson added. “This change, along with our push to continue shortening the time between sale to installation, will accelerate the adoption of solar and the world’s transition to sustainable energy.”

In an interview with Reuters on Thursday, Tesla’s senior vice president of energy operations, Sanjay Shah, said that the price reductions should make the firm “highly competitive.”

Shah added that the business wanted to become the lowest-cost solar provider in the U.S., Reuters reported.

Tesla deployed 93 megawatts of solar energy generation systems in the third quarter of 2018.